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Dogecoin has emerged as a focal point of conversation, even amid a sudden wave of memes linked to Donald Trump’s return to the spotlight. On-chain analysis firm Santiment, which recently shared its sentiment dashboard on
In their latest work mailSantiment emphasizes that “TRUMP is being discussed following his controversial listing on Coinbase, and the risks involved in investing during a volatile market,” while there is also “huge interest in an airdrop of ‘TRUMP’ tokens, with a notable event securing $1 million worth of tokens.”
“Melania,” another meme coin associated with the Trump brand, caused a stir by briefly surpassing its valuation of $9 billion, though it suffered “significant volatility amid widespread market uncertainty.”
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Meanwhile, Santiment attributes Dogecoin’s rise in social media to the newly created US Department of Government Efficiency (DOGE) led by Elon Musk, with the project using Dogecoin as its avatar. On January 21, the US government officially launched the Department of Government Efficiency (DOGE) website bearing the official Dogecoin logo.
“This initiative has sparked discussion because it links cryptocurrencies to government operations, causing a stir on social media. Additionally, discussions about the possibility of creating new meme currencies linked to public figures like Trump and Musk are contributing to speculation about Dogecoin’s future performance and importance in the cryptocurrency space.” encrypted,” Santiment wrote.
Despite the sudden interest in Trump and Melania, Santiment’s emotional breakdown highlights mixed feelings for both icons. Regarding Trump, the post states: “The word ‘Trump’ is trending due to discussions about Trump Coin. With its price fluctuations, and the speculative nature of meme coins, users are discussing the risks of investing in Trump Coin.”
Santiment’s “positive” analysis cites “political influence and executive actions” as reasons for optimism, highlighting that “anticipation of a cryptocurrency executive order from Trump has generated excitement among investors.”
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Likewise, Melania sentiment is split along bullish and bearish lines, with the negative view suggesting a decline of more than 70% from its initial price peak, and the bullish narrative pointing to “celebrity endorsements” from Donald and Melania Trump as a potential driver of renewed interest.
Technical Analysis: DOGE confirms breakout
At press time, Dogecoin (DOGE) was trading at around $0.367 after bouncing from a downward trend line dating back to early December. The break above diagonal resistance occurred earlier this week, followed by a successful retest of the trend line yesterday, confirming it as new support.
After the retest, DOGE is now competing with the 0.5 Fibonacci retracement level at $0.3943, which represents the next major upper barrier. A clear break of this resistance could open the door to the upper 0.618 Fib level at $0.4759 and the 0.786 Fib level at $0.5920.
On the downside, if DOGE fails to break the 0.5 Fib level, the 0.382 Fib level at $0.3129 may serve as the most reliable support. Meanwhile, the Relative Strength Index (RSI) remains at around 51 neutral, reflecting balanced momentum and leaving room for a potential continuation for either side.
Featured image created with DALL.E, a chart from TradingView.com